Many bullish factors are hinting that Bitcoin is heading toward a $91k minimum to $110k maximum target price.
The current trade price of Bitcoin (BTC), the top digital asset by market cap, is $71,314 & this trade price is 4.34% higher over the last 7 days.
On 5 June 2024, Popular Crypto analyst “Titan of Crypto” shared his prediction on X (formerly Twitter) & noted that Bitcoin is currently heading toward the $73k level & further has more chances to hit $91.5k in a short time period.
#Bitcoin Targeting the $73,000 level !
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Once #BTC breaks this level it might rally to $91,500 very quickly. pic.twitter.com/YYgmWF4lhP
— Titan of Crypto (@Washigorira) June 5, 2024
In another analysis, the analyst predicted that the trade price of Bitcoin may pump to a maximum of $110k for this bull run but it will take time for this predicted bull pattern.
Bitcoin accumulation among whales
An on-chain analysis by CryptoQuant, a South Korea-based popular crypto analytic platform, reported that the Bitcoin network is seeing significant activity from new whale wallets, which are adding about $1 billion worth of BTC daily.
The report assumed that Institutional investors might be buying BTC and moving it to self-custodial Bitcoin wallets. Long-term holders have gathered 70,000 BTC in the last 30 days, and this data showed that whale demand for BTC is increasing by 4.4% per month.
Analysts noted that the current Bitcoin market situation is similar to 2020, a pre-Bitcoin rally phase.
In the last couple of weeks, the hype around Ethereum, because of ETH spot ETF applications approval by the United States Securities and Exchange Commission (SEC), was huge so the majority of the whales were buying Ethereum which badly impacted the bull sentiments around the Bitcoin market but the latest data showed that whales now changed their inclination toward Bitcoin.
Read also: Despite legal hurdles, Robinhood decides to acquire Bitstamp crypto exchange
Bitcoin (BTC) demand increasing 4.4% per month among whales, BTC to $91.5k
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https://bitcoinik.com/bitcoin-btc-demand-increasing-4-4-per-month-among-whales-btc-to-91-5k/feed/
